KBC KBC returned my tracker, after taking it from me as a condition for restructuring back in 2009

Mauritius

Frequent Poster
Messages
129
Hi all,

I received a letter from KBC, dated 28th December 2017, telling me I have been impacted by their failure and they are returning me to the tracker rate. Enclosed was also an initial cheque, which they emphasise is not the full amount they owe me but a gesture to get the process started. It's not a small cheque! A further letter will be sent before the end of January '18 after they have calculated the full amount overpaid since 2009. It will include another cheque for the final figure of overpayment & compensation and also an amount for legal advice should I feel I require it.

In the letter there will also be a direct debit mandate to be signed for the new monthly payments and a full financial breakdown of the process and their conclusions, which were overseen by Deloitte.

Cashing the cheques does not stop me from appealing the amount and from taking further action with the FSO or the courts.

KBC took my tracker rate from me in January 2009 when I requested a 12 month extension of interest only payments. I only signed under duress. I had the tracker rate of 0.95% 'for the full term of the loan' (stated in letter of offer) but they still used this opportunity to take me off it and put me on their standard variable rate of 4.5%. (Shocking - I know!) They never returned the tracker rate at the end of the 12 month period. They fought me to the FSO, who found in their favour. Some day soon, the previous FSO will have to step forward and explain why he made so many decisions which favoured the banks.

I never thought I would see this day and I'm sure this is the beginning of a similar positive result for lots of wronged KBC customers over the next weeks.

I want to remember my good friend and financial mediator Philip Shaw who initiated this process for me but didn't live to see it concluded. He died suddenly in March 2017. He would have been so thrilled to see how the tide has turned and that we can stand up to the bully tactics of huge financial institutions.

Mauritius
 

Lightening

Frequent Poster
Messages
319
Ma
Hi all,

I received a letter from KBC, dated 28th December 2017, telling me I have been impacted by their failure and they are returning me to the tracker rate. Enclosed was also an initial cheque, which they emphasise is not the full amount they owe me but a gesture to get the process started. It's not a small cheque! A further letter will be sent before the end of January '18 after they have calculated the full amount overpaid since 2009. It will include another cheque for the final figure of overpayment & compensation and also an amount for legal advice should I feel I require it.

In the letter there will also be a direct debit mandate to be signed for the new monthly payments and a full financial breakdown of the process and their conclusions, which were overseen by Deloitte.

Cashing the cheques does not stop me from appealing the amount and from taking further action with the FSO or the courts.

KBC took my tracker rate from me in January 2009 when I requested a 12 month extension of interest only payments. I only signed under duress. I had the tracker rate of 0.95% 'for the full term of the loan' (stated in letter of offer) but they still used this opportunity to take me off it and put me on their standard variable rate of 4.5%. (Shocking - I know!) They never returned the tracker rate at the end of the 12 month period. They fought me to the FSO, who found in their favour. Some day soon, the previous FSO will have to step forward and explain why he made so many decisions which favoured the banks.

I never thought I would see this day and I'm sure this is the beginning of a similar positive result for lots of wronged KBC customers over the next weeks.

I want to remember my good friend and financial mediator Philip Shaw who initiated this process for me but didn't live to see it concluded. He died suddenly in March 2017. He would have been so thrilled to see how the tide has turned and that we can stand up to the bully tactics of huge financial institutions.

Mauritius

Hi Mauritius

I am so happy for you!

I have read your post with great emotion this morning. So sorry to hear though of the passing of your good friend who was helping you stand up to KBC at the time. He knew fully the wrong that KBC had done to you and thousands of others.

You are the first on AAM. I presume your letter arrived in Friday's post so hopefully some will get good news this morning. This will be a start of the cohorts KBC mention in their statements.

However there are many affected who will have to continue the battle until justice is done for all caught up in this scandal with this bank. . What happened to you should never have happened. No matter how or when you had or should have had a tracker, KBC set about, from mid 2008, removing the option of a right to return to tracker. They did this in various ways. Only those that made absolutely no change to their account escaped their claws.

10 years is a long time and what actually happened with this particular bank is only slowly unravelling.

Justice has been finally done for you and there are people out there who worked or still work in this bank with guilt written all over their faces. I don't honestly know how they sleep at night.
 

Brendan Burgess

Founder
Messages
38,548
Hi Mauritius

That is great news as you have been proactively fighting it for some time.

KBC took my home loan tracker when extending interest only period

It's really important for people to appreciate the role of the Central Bank in this. KBC were contractually within their rights. There is no way that the High Court or the FSO would have given you back your tracker.

But although they were contractually within their rights, what they did was wrong.

From 2010 onwards, this behaviour was prohibited by the Code of Conduct on Mortgage Arrears based on a recommendation of the Expert Group on Mortgage Arrears.

Brendan
 

Lightening

Frequent Poster
Messages
319
Hi Mauritius

That is great news as you have been proactively fighting it for some time.

KBC took my home loan tracker when extending interest only period

It's really important for people to appreciate the role of the Central Bank in this. KBC were contractually within their rights. There is no way that the High Court or the FSO would have given you back your tracker.

But although they were contractually within their rights, what they did was wrong.

From 2010 onwards, this behaviour was prohibited by the Code of Conduct on Mortgage Arrears based on a recommendation of the Expert Group on Mortgage Arrears.

Brendan
Agree there was a quick turnabout on the cohorts originally deemed not impacted a couple of months ago and can only assume it was pressure from the CB. So this is a quick result.

I'm very happy for Mauritius!

But what are KBC upto now with the other cohorts! Seems to me there is a bit of juggling going.
 

Mauritius

Frequent Poster
Messages
129
Thanks @Brendan Burgess. I would never have taken it to the High Court, for the reasons you specify. But if what they did was wrong in 2010, it was also wrong in 2009 - it just wasn't yet illegal. KBC used this loophole knowingly just as they used the "fixed rate" method to get people off trackers. You're right about the Central Bank intervention. It's something of a miracle, really. But also the power of people telling their own real life experiences (I never like the word 'story' as it's real life!) changed perception in the eyes of the public. When Padriac brought those four clients before the Oireachtas and they told what had happened to them, quietly, modestly and without any flashy rhetoric, it really resonated with ordinary people. That's when the banks knew they would have to concede. But they never conceded before that. They thought they had got away with it. They were rude as hell to me for years. Now I get this "we made an error" letter. If it was an "error" why did they fight it tooth and nail for years? Anyway, I'm out the other side now and I hope many many people will following immediately
 

bluestilton

Registered User
Messages
26
So happy that you finally got justice. Make sure to seek legal advice. Like many of us who deal with this bank you have no doubt had to put your life and that of your family on hold while paying these extortionate interest rates. Your are entitled to be compensated for the massive stress and negative impact that this has had on you and your family. Go book a nice holiday and enjoy time with family and friends now that this huge burden has been lifted. I hope this bank get their comeuppance and I believe this is only the tip of the iceberg in relation to their shenanigans. Well done to Brendan, Padraig Kissane and all who have been flying the flag for the consumers in relation to these issues.
 

Eilish

Registered User
Messages
16
Congratulations Mauritius, absolutely thrilled for you. I received a letter stating much the same with a cheque and more to follow by the end of January. I lost my home so there will be no mandate in there for me obviously but I am still delighted to say the least. Very sorry to hear about your friend. Such a pity he didn't get to see the conclusion to your nightmare. I'm sure it's a very bittersweet moment for you.
 

Mauritius

Frequent Poster
Messages
129
@Lightening is would be very interesting to know ow many KBC customers were forced to give up trackers for restructuring - i.e. Interest Only periods.
 

Lightening

Frequent Poster
Messages
319
Congratulations Mauritius, absolutely thrilled for you. I received a letter stating much the same with a cheque and more to follow by the end of January. I lost my home so there will be no mandate in there for me obviously but I am still delighted to say the least. Very sorry to hear about your friend. Such a pity he didn't get to see the conclusion to your nightmare. I'm sure it's a very bittersweet moment for you.
I presume you received this letter same time as Mauritius just before this weekend.
If you are still without your home they will surely have to buy you a new one!
 

ask2017

Registered User
Messages
19
Congratulations to those who received letters so far, hopefully the speed picks up for the rest of the impacted cohorts, those only "recently" deemed impacted will be waiting im told by KBC
 

Eilish

Registered User
Messages
16
I presume you received this letter same time as Mauritius just before this weekend.
If you are still without your home they will surely have to buy you a new one!
I received my letter a few days ago. My house is just left sitting there, they never managed to sell it.
 

Mauritius

Frequent Poster
Messages
129
@notabene Thanks so much for this. It's very kind of you and do hope there are lots more positive outcomes in the next few weeks. I am absolutely sure there will be.
 
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